Who inherits your business debt?

Your business is everything to you. It’s your passion, and your livelihood. It helps provide the lifestyle you want for you and your family.

If you are like many business owners you may have taken on business debts, either to start your business or to help it grow. It’s a normal part of being in business. But have you stopped to consider who would inherit those debts in the event of your unexpected death?

Contrary to the belief of many business owners, your business debts do not automatically get extinguished on your death. Instead it falls to your guarantor(s) to meet that obligation. That could mean your loved ones find themselves dealing with the burden of debt as well as the enormous emotional strain your death would cause.

How would your family cope if they were saddled with your business debt and the main asset of the business – you – were no longer around? Would they need to sell the family home? Move schools? Change their lifestyle?

As a financial adviser specialising in life insurance for business owners, I have helped many business owners put in place protection plans which help protect their loved ones, business partners and staff.

This type of protection can be easy to obtain, affordable, and in many cases tax deductible.

To arrange an obligation free appointment (at a time convenient to you) call Veronia on 1300 785577 or email on admin@keyperson.com.au.